• Bitcoin Inscriptions Transaction Count recently hit an all-time high, with about 193,000 transactions recorded in a single day.
• Inscriptions are similar to „non-fungible tokens“ (NFTs) used on other blockchains but they are directly inscribed into the blockchain.
• Text-based Inscriptions have dominated the Bitcoin blockchain recently, and they occupy 40% of total transaction share.
Bitcoin Inscriptions Make A Comeback
The Bitcoin network has recently seen a resurgence of its inscriptions application after experiencing a decline earlier this month. Data from on-chain analytics firm Glassnode shows that this application has achieved an all-time high transaction count of 193,000 in one single day, and it currently occupys 40% of total transaction share.
What Are Bitcoin Inscriptions?
Inscriptions are similar to non-fungible tokens (NFTs) used on other blockchains but with one major difference: they are directly inscribed into the blockchain itself. This implies implications for both the Bitcoin block size and the overall size of the blockchain itself.
Popularity Of The Inscriptions
Since its emergence, the inscriptions have been gaining popularity steadily until it experienced a decline early this month. However it soon recovered and reached its highest ever transaction count just recently at 193,000 transactions per day.
Types Of Inscription Transactions
When it comes to types of inscriptions being minted daily there are five main categories: image, text, audio, video and other. Image was initially most popular among these categories but now text based ones dominate while others remain quite low in comparison.
Implications Of The Application’s Popularity
With this application occupying 40% of total transaction share on BTC network, it has various implications for both Bitcoin block size as well as size of the entire blockchain itself. This means that more users are using inscriptions for their respective needs which is a positive sign for further development and use cases for this technology going forward.